Cibc World Markets Corp Sells 11,121 Shares of The Hartford Financial Services Group, Inc. (NYSE:HIG)

Cibc World Markets Corp lowered its stake in The Hartford Financial Services Group, Inc. (NYSE:HIG) by 19.5% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 45,853 shares of the insurance provider’s stock after selling 11,121 shares during the period. Cibc World Markets Corp’s holdings in The Hartford Financial Services Group were worth $5,016,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in HIG. Oppenheimer & Co. Inc. purchased a new position in The Hartford Financial Services Group in the third quarter worth about $271,000. Empowered Funds LLC grew its position in The Hartford Financial Services Group by 34.0% in the third quarter. Empowered Funds LLC now owns 17,658 shares of the insurance provider’s stock worth $2,077,000 after acquiring an additional 4,482 shares in the last quarter. Meeder Advisory Services Inc. grew its position in The Hartford Financial Services Group by 1.9% in the third quarter. Meeder Advisory Services Inc. now owns 5,621 shares of the insurance provider’s stock worth $661,000 after acquiring an additional 104 shares in the last quarter. Fifth Third Wealth Advisors LLC grew its position in The Hartford Financial Services Group by 6.8% in the third quarter. Fifth Third Wealth Advisors LLC now owns 4,088 shares of the insurance provider’s stock worth $481,000 after acquiring an additional 259 shares in the last quarter. Finally, Banque Cantonale Vaudoise grew its position in The Hartford Financial Services Group by 6.6% in the third quarter. Banque Cantonale Vaudoise now owns 18,404 shares of the insurance provider’s stock worth $2,164,000 after acquiring an additional 1,144 shares in the last quarter. Hedge funds and other institutional investors own 93.42% of the company’s stock.

Analysts Set New Price Targets

HIG has been the subject of several recent research reports. Piper Sandler lifted their price target on The Hartford Financial Services Group from $127.00 to $130.00 and gave the stock an “overweight” rating in a research report on Monday, February 3rd. Barclays upgraded The Hartford Financial Services Group from an “equal weight” rating to an “overweight” rating and boosted their target price for the company from $130.00 to $135.00 in a research report on Monday, January 6th. BMO Capital Markets boosted their target price on The Hartford Financial Services Group from $100.00 to $141.00 and gave the company a “market perform” rating in a research report on Wednesday, November 27th. Wells Fargo & Company dropped their target price on The Hartford Financial Services Group from $130.00 to $126.00 and set an “overweight” rating for the company in a research report on Monday, February 3rd. Finally, Royal Bank of Canada restated a “sector perform” rating and set a $125.00 target price on shares of The Hartford Financial Services Group in a research report on Monday, February 3rd. Ten analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $122.94.

The Hartford Financial Services Group Stock Performance

Shares of NYSE:HIG opened at $119.73 on Thursday. The company has a market capitalization of $34.17 billion, a price-to-earnings ratio of 11.57, a price-to-earnings-growth ratio of 1.12 and a beta of 0.91. The Hartford Financial Services Group, Inc. has a 52 week low of $94.47 and a 52 week high of $124.90. The company has a quick ratio of 0.32, a current ratio of 0.32 and a debt-to-equity ratio of 0.27. The firm has a 50 day moving average of $113.89 and a 200 day moving average of $114.99.

The Hartford Financial Services Group (NYSE:HIG) last issued its quarterly earnings data on Thursday, January 30th. The insurance provider reported $2.94 EPS for the quarter, topping analysts’ consensus estimates of $2.68 by $0.26. The Hartford Financial Services Group had a net margin of 11.72% and a return on equity of 19.55%. On average, sell-side analysts predict that The Hartford Financial Services Group, Inc. will post 11.11 earnings per share for the current fiscal year.

The Hartford Financial Services Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 2nd. Investors of record on Monday, March 3rd will be paid a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 1.74%. The ex-dividend date of this dividend is Monday, March 3rd. The Hartford Financial Services Group’s dividend payout ratio (DPR) is 20.10%.

Insider Buying and Selling

In other news, EVP Robert W. Paiano sold 13,138 shares of the company’s stock in a transaction on Tuesday, March 11th. The stock was sold at an average price of $117.20, for a total transaction of $1,539,773.60. Following the transaction, the executive vice president now directly owns 31,678 shares of the company’s stock, valued at approximately $3,712,661.60. This represents a 29.32 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Christopher Swift sold 98,061 shares of the company’s stock in a transaction on Monday, March 17th. The stock was sold at an average price of $120.39, for a total value of $11,805,563.79. Following the transaction, the chief executive officer now directly owns 211,082 shares in the company, valued at approximately $25,412,161.98. The trade was a 31.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.60% of the stock is currently owned by insiders.

The Hartford Financial Services Group Company Profile

The Hartford Financial Services Group, Inc, together with its subsidiaries, provides insurance and financial services to individual and business customers in the United States, the United Kingdom, and internationally. Its Commercial Lines segment offers insurance coverages, including workers' compensation, property, automobile, general and professional liability, package business, umbrella, fidelity and surety, marine, livestock, accident, health, and reinsurance through regional offices, branches, sales and policyholder service centers, independent retail agents and brokers, wholesale agents, and reinsurance brokers.